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The affective computing market is anticipated to witness a CAGR of 32.8% over the forecast period 2019

[September 11, 2019]

The affective computing market is anticipated to witness a CAGR of 32.8% over the forecast period 2019

NEW YORK, Sept. 11, 2019 /PRNewswire/ --

Market OverviewThe affective computing market is anticipated to witness a CAGR of 32.8% over the forecast period 2019 - 2024. The advent of affective computing could spur the growth of various applications. The major area in affective computing is the design of computational devices proposed to showcase either innate emotional capabilities or that are capable of convincingly simulating emotions. A more practical approach, based on current technological capabilities, is the simulation of emotions in conversational agents, in order to enrich and facilitate interactivity between human and machine.

- For people with speech impairments and emotionally handicapped people, Gestele, a prototype, has been developed which adds to the emotions, to gestures or any other forms of communication from the affected people. Affective computing can also be used for personalization such as adjusting light, type of music, and room temperature by detecting a person's mood, etc.- Increasing use of robots provides further incentive for the implementation of this technology. The recent advancement of robotics leads to an immense increase in the demand for robots that are artificially intelligent to behave politely and socially smart. A report on World Robotics by the International Federation of Robotics (IFR) revealed that more than 381,000 industrial robots were shipped globally in 2017. This number is anticipated to reach to 630,000 units by 2021. The feature addition such as affective computing can make these industrial robots more acceptable and have better human-computer interaction.-The users of robotic devices equipped with AI, do not want themselves to be bothered with unimportant information. However, that high level of reasoning requires an understanding of the person's emotional state. With the recent advancement in machine learning, companies are developing new ways to utilize the advancements to their advantage.- Though Artificial Intelligence (AI) is expected to unleash the next wave of digital disruption, the limitation of AI to understand human emotion still remains a challenge. Artificial intelligence has been gaining prominence in domains, such as autonomous cars, logistics and parking aid software, and surgical robots, etc. However, in the past few years, increased access to data, low-cost computing power, and evolving NLP, combined with digital learning, are enabling the systems to analyze human emotions.

Scope of the ReportThe affective computing market is segmented by type, end-user industry, and geography. The scope of the report is limited to software type which includes speech recognition, gesture recognition, facial feature extraction, analytics software, and enterprise software. The end users considered in the scope of the report include healthcare, BFSI, retail, and others.

Key Market TrendsHealthcare is Expected To Be One of the Primary Recipients of the Technologybr />

- Healthcare has been continuously growing in terms of demand and the need for better technology for better patient care. With regard to healthcare cognitive computing techniques such as physiological healthcare, and medicine analysis have been adopting the use of affective computing.- Artificial Intelligence (AI) in medicine has been growing, and significant efforts are being made to increase the contribution to the domain. Companies such as DeepMind, Babylon Health, etc. have been accelerating efforts towards such goals. American Statistical Association estimates that productivity in the healthcare industry could increase by 10% and 23% in the % and China respectively, with the increasing penetration of AI.- Affective computing is still in a developing phase, as many experiments are being conducted in the domain. Experiments are being conducted on the hippocampus of the macaque monkey and mouse brain to check the working of affective computing systems on biological systems.- Emteq, a recognized developer of emotion-sensing technology, has been working on a piece of new equipment that offers a non-intrusive means of measuring the tiny electrical signals emanating from facial muscles, in order to allow the wearer to operate devices remotely with a small facial gesture.

North America Is Expected To Hold a Large Share of the Affective Computing Market

- North America has been a relatively advanced region in terms of technology adoption and there have been increasing research institutes and organizations which have been involved with affective computing.- North America was one of the first regions to adopt Artificial intelligence on an extensive scale. With the improved infrastructure for artificial intelligence, the region consists of mature infrastructure required for the deployment of affective computing.- Research organizations such as MIT have been concentrated in the region conducting various research projects which include Affective Response to Haptic signals, Automatic Stress Recognition in Real-Life Settings, etc. which is expected to increase the investments in the region for the growth of affective computing.- Firms involved in artificial intelligence have been making investments in the region which have been contributing to the growth of Affective computing in the region.- There are huge future prospects of affective computing converging with the robotics in the future, due to the deployment platform that robotics provides. The increased adoption rate of robotics in the United States points toward increased popularity. Thus showcasing increased customer adoption toward more intelligent robots.- A study on Affective Computing, published in the journal IEEE revealed that approximately 7.2 million images and videos from North America, were analyzed and about 75% of the time, the emotions of the people were identified correctly based solely on subtle shifts in how blood flow colors a person's nose, eyebrows, cheeks or chin.

Competitive LandscapeThe Affective Computing Market is currently dominated by a few players with their technological expertise in AI technology. The global market is expected to be nearly consolidated in nature, and the major players with a prominent share in the market are focusing on expanding their customer base across foreign countries by leveraging on strategic collaborative initiatives to increase their market share and their profitability. Affectiva Inc., CroudEmotion Ltd., Kairos AR, Inc., nViso AI, Beyond Verbal, Communication, Ltd., Nemesysco Ltd., Realeyes Data Services Ltd., audEERING GmbH, Eyesight Technologies Ltd., and Sensumco Ltd. are some of the major players present in the current market. Many other major tech companies are investing in the affective computing space such as Amazon (Rekognition capability on AWS), Microsoft (Emotion API), IBM (Tone Analyzer).

- January 2019 - Kia Motors in collaboration with Massachusetts Institute of Technology (MIT) Media Lab's Affective Computing Group showcased a significant technological development called Real-time Emotion Adaptive Driving (R.E.A.D.) system at Consumer Electronics Show 2019. This technology is in the process of development for the post-autonomous driving era and monitors a driver's emotional state using sensors to read their facial expressions, heart rate and electrodermal activity.- March 2019 - Empatica began deploying a smart device which can be used to manage stress. The device has been modeled similar to a watch and has received FDA approval. The device analyzes physiological signals to detect an increase in the stress inside the body and prevent seizures due to diseases such as epilepsy etc.

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